Financial Accounting MCQS with Answers
Work in process opening and closing inventory includes:-
All of the above
Labour in process
Arterial in process
F.o.H in process
Tenor is the period of time ———— which a bill becomes payable
None
After
Before
Both a and b
What are bad debts?
Debts which are irrecoverable from the debtors
Debts which are recoverable from the debtors
Debts which are irrecoverable from the creditors
Debts which are recoverable from the creditors
Provision of doubtful debts are also known as:
None
Allowances for uncollectable
Bad debts
Allowances for collectable
Quick assets are
Debtors
Cash in hand
All of the above
Cash at bank
Petty cash book is a book which record
Small payments
Liabilities
Assets
Large payments
Compound entry is an entry in which:
Both a and b are correct
More than one account is credited
More than one account is debited
None of the above
If spoiled good are considered as abnormal part of production process then debited to
General expense
Work in process
None of above
F-o-H control
If applied factory overhead is less than actual factory overhead, it is called
Applied F.o.H
Under-applied F.o.H
Over applied F.o.H
None of above
Doubtful debt are:
Definite profit to the business
Expected loss to the business
Expected profit to the business
Definite loss to the business
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